The electric utility vehicles market is valued at US$ 9,203.8 million as of 2023. The market is expected to reach a valuation of US$ 38,550.2 Million by 2033 and is expected to grow at a CAGR of 15.4% during the period 2023-2033.
There has been an increasing awareness regarding the impact of harmful emissions on the environment. Owing to this, the governments have been taking proactive steps to tackle pollution. This has led to governments incentivizing people who make use of electric utility vehicles.
Initially, the cost of the battery used in electric utility vehicles was more than US$ 1000. However, with the advancements in technology, the cost has come down to US$ 100. This might increase the demand for electric utility vehicles during the forecast period.
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Furthermore, the electric utility vehicles market has witnessed a number of buyers in the agricultural sector. This is because of the fact that there were a number of cases of crops getting spoiled due to vehicular emissions. This might well increase the sales of electric utility vehicles during the forecast period.
Moreover, the users are of the view that the application of electric utility vehicles offers high convenience as these are easy to charge. This might as well surge the market growth during the forecast period.
Moreover, the cost associated with charging electric vehicles is much less as compared to the usage of fuels.
However, the growth of E-commerce market represents massive opportunity for the market of electric utility vehicles. This is owing to the fact that the electric utility vehicles seamlessly carry out the task of logistics.
Key Takeaways from the Electric Utility Vehicles Market Report:
The electric utility vehicles market is projected to surge from US$ 9.2 billion in 2023 to an estimated US$ 38.5 billion by 2033, exhibiting a robust CAGR of 15.4%. North America, spearheaded by the USA with a commanding 26.8% market share, leads the charge. Germany and China follow suit, showcasing substantial growth potential. Lithium-ion batteries dominate with a commanding 73.4% market share, while the commercial sector emerges as the primary application domain, with pure electric propulsion leading the way.
Competitive Landscape:
The key players operating in the market are mainly investing large amounts on technological upgradation. Apart from that, the companies are also focusing on mergers in order to expand their market.
Some of the recent developments in the electric utility vehicles market are:
In September 2022, Bollinger Motors and Wabash announced joint development to produce last-mile refrigerated delivery electric truck.
In September 2022, Tesla announced Joe Gebbia as new independent director.
Leading Key Players:
Tesla, Hyundai Motor Group, General Motor Company, Mahindra Electric Mobility, Columbia Vehicle Group, Star EV Corporation, Neuron EV, Bollinger Motors, Ford Motor Company, Toyota Motor Corporation
